How to get untapped customers?

[merch]

Hello debanked forum. I have a small ISO shop and learned the business from a place I worked at before going off on my own. The owner I learned from before taught me that the business was all about working with people who already have loans and advances and to try and help them get another one. I always wondered how the first companies found these customers but was told basically not to worry about that.

Now that I am out on my own, I am just tired of working files that are already stacked out. There is no loyalty and the customers sometimes even forget who we are. I want to build up a book of business and offer something to a customer where they won't even need more. I want to feel like a partner in their business and get testimonials and referrals and offer them value-added products and the like

That begs the question. how to find the untapped customers? Maybe you won't want to give up your best lead sources but if anyone has general ideas on how to go about this, I would appreciate. Do you just cold call and send mailers to random businesses? Should I be going to small business events and conferences like local chamber of commerce meetings? Maybe I am answering my own question but I want to know what I am missing. I think I learned from the wrong place and I thank you for any help

[HDF]

You are very smart Merch. For two reasons: 1- You realize the limitations surrounding squeezing to death small businesses' cash flow with stacks of "deals". 2- Not giving up but instead looking for a career, not giving in to the fool's belief that stacking is a career. It will not be.

Some random ideas for people in your position:
-Broaden your non-MCA product knowledge. Study at night and on weekends
-Learn how to articulate what double-dipping is, and sell directly against it.
-Every time a new bank branch opens or re-brands anywhere within a 2 hour drive of your area, arrange a meeting with the commercial loan guy/gals. Frequently they are as green as you feel now. Become their non-bank outsource. Be able to back it up.
-Re-invest commissions into marketing on a weekly/monthly basis. This means never taking a week off from sending something out. Even in a good deal flow period. Even 500 postcards/letters/emails per week with get you incoming leads if you customized to the audience.
-Dedicate time for followups. Fri-Sat-Sun work well. Pound phones the rest of the week. Amazing how many "send me something"s eventually close.
-If you plan to rely on a renewal portfolio at all, really think about if that is really realistic as a small fry.
-Try to find a more progressive ISO to join with that can place a wide range of loans products.
-Have a construction factor on speed dial
-Have an affordable data supplier on speed dial

[Michael I]

Beside doing online advertising which can get expensive, referrals referrals referrals. Getting local banker to refer you to be who got declined by them is king size. the best part is they are happy with a couple of hundred dollar gift card. Do not be scared to let your clients know that any one they refer to you they will get a gift cards

[MCNetwork]

I want to build up a book of business and offer something to a customer where they won't even need more. I want to feel like a partner in their business and get testimonials and referrals and offer them value-added products and the like

That begs the question. how to find the untapped customers? Do you just cold call and send mailers to random businesses? Should I be going to small business events and conferences like local chamber of commerce meetings?

You're on the right track. My advice is to zero in on one industry and become an expert at being a solutions provider there. Learn the industry inside and out so you can speak the jargon. Who are the competitors? What are the software solutions? Understand all the pain points that these business owners face and find a way you can address one or two of the main ones. Lead your pitch with a value-added product when you call these industries. Pitching the cash advance becomes secondary. Pitch the solution first and use the cash advance as a possible way to finance your value-added product. Position yourself as a business consultant to their industry. This way you are no longer a one trick pony pitching a cash advance. The goal is to build some real rapport and empathy with these business owners. That's the way you build customer loyalty. As you land your first customers in that industry, you will gain referrals and social proof from other businesses in the same industry. Your success will start to snowball and you'll be recognized as the preferred solutions provider in the xxx industry. Find a data broker who can provide you a list of phone numbers for that specific industry and filter the list by annual revenue so you can maximize your bang for your buck. Join your local BNI (Business Network International) chapter and start making contacts and getting actively involved in your business community. The goal is to get some referral partners as well. Publish an ad in the trade magazine of the industry you are working. Once you've mastered your first industry, you can always spread out to another industry. Or if you choose to remain in one industry that's perfectly fine. There's more than enough opportunity to get wealthy from only one type of business. The jack of all trades approach to cold calling every industry under the sun with a generic "do you need some capital?" pitch is not effective anymore. This is now the age of the industry specialist.

Now as far as which industry to focus on and which value added product(s) to lead with, that's a personal journey you have to discover for yourself. Good luck!

[merch]

You are very smart Merch. For two reasons: 1- You realize the limitations surrounding squeezing to death small businesses' cash flow with stacks of "deals". 2- Not giving up but instead looking for a career, not giving in to the fool's belief that stacking is a career. It will not be.

Some random ideas for people in your position:
-Broaden your non-MCA product knowledge. Study at night and on weekends

Thank you so much for sharing!!! Do you have any resources for this one?

[IGC2017]

How to get untapped customers?

I am also new to the industry and was wondering if there was any way to be pointed in the right direction as far as obtaining knowledge to become successful in the industry.

[HDF]

Start here:
http://www.counselorlibrary.com/public/courses-mca.cfm
Then here:
https://www.sba.gov/tools/sba-learni...-your-customer
Play with this:
https://www.breakoutfinance.com/doub...ing-explained/

Most importantly, put a plan on paper and execute and pivot along the way. It is a roller coaster that can't be taught.

[IGC2017]

How to get untapped customers?

Thank you. Truly appreciative for your advice.

[kevinhenry0527]

Be a great resource in industries you know well. Everyone is selling money in some form. A person that will stand out has industry knowledge where others don't. Offering a solution to a problem and having industry knowledge certainly gives you a leg up versus the competition. Attend industry focused conferences and trade shows and market directly to owners of those businesses. I enjoy going to a trade show where there are 3,000 people and I am the only lender.

[IGC2017]

How to get untapped customers?

That's working smart. That's what I really want to do, attack it from a different angle that everyone else does